Import/Export Industry Notifications

CONCOR India inducted Scheduled Trains from ICD Khodiyar to Mundra/Pipavav Port on March’ 20. With the active support of Indian Railways, ICD has moved ever highest 37 trains to Mundra and 07 trains to Pipavav, with the lowest transit of 11 hours in February 2021.

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In 2020, even as Beijing's relations plunged to new lows and New Delhi took steps against Chinese-linked businesses, China reclaimed its position at the top of the list of India's major trade partners, replacing the United States that had climbed to number 1 in 2019.

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With an 18.6% share of India's Gross Domestic Product, the third quarter (October-December) of 2020-21 saw exports' contribution to economic growth drop to its lowest in the current financial year. Analysts and exporters say that this is not expected to improve in the next quarter, given the poor performance of outbound trade in the current quarter.

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Asia-North Europe container spot rates mitigated back slightly this week, as carriers ‘hoovered up’ stockpiled cargo accumulated before Chinese New Year. However, rates from Asia to the US increased again.

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India‘s Commerce Secretary said that India would take steps to become competitive and create a level playing field for Indian manufacturers and exporters if the EU and the US impose the carbon-based tariff on imports.

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As shippers continue to search for available carrier loadings in a critically imbalanced supply-demand environment, marine terminals in South India have begun to see marked traction in intra-country freight movement for transshipment. While this evolving trend is remarkable for a region sporting excess port capacity and historically lacking satisfactory gateway cargo for regular long-haul calls, there is little relief for cargo owners getting bombarded with an unrelenting wave of carrier general rate increase (GRI) notices.

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CBIC circular no. 05/2021- Custom dated 17.02.2021 regarding IGSR refunds on exports- SB005 Error Rectification alternate mechanism has provided with a facility for resolving invoice mismatch errors with officer interface as an alternative measure for the specified period which was further extended. The last extension has been granted for the Shipping Bills filed up to 31.12.2019 vide circular No. 22/2020-Customs dated 21.04.2020.

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An online module for adjudication, appeal, and review proceedings under the Foreign Trade Act, 1992, as amended and Foreign Trade Rule, 1993, as amended has been implemented with effect from 27.02.2021.

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Multiple representations have been received regarding IGST refunds that are pending due to mismatch of data b/w GSTR-1 and GSTR-3B. The board provided the resolution as an interim measure, vide Circular No. 12/2018- Cus dated 29.05.2018 and Circular No. 25/2019-Cus dated 27.08 2019 in respect of Shipping Bills filed up to 31.03.2019.

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